A rush of eurozone survey data points to continued growth momentum. Europe is still beating expectations

If the reflation theme has taken a knock in recent months, nobody told Europe. A rush of eurozone data released Tuesday points to an economy that hasn’t stopped surprising on the upside.

The clearest sign of that came from the eurozone’s biggest economy, as Germany’s widely followed Ifo Business Climate Index rose to 114.6 in May, the highest figure since 1991. The flash IHS Markit composite purchasing managers’ indexes for France...